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Should Auctions Be Transparent?
Bergemann, Dirk - 2017
We investigate the role of market transparency in repeated first-price auctions. We consider a setting with independent private and persistent values. We analyze three distinct disclosure regimes regarding the bid and award history. In the minimal disclosure regime each bidder only learns...
Persistent link: https://www.econbiz.de/10012948369
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Adaptive Rationality in Strategic Interaction : Do Emotions Regulate Thinking about Others?
Ehrig, Timo; Manjaly, Jaison; Singh, Aditya; Sunder, Shyam - 2021
Forming beliefs or expectations about others’ behavior is fundamental to strategy, as it co-determines the outcomes of … other to form expectations about behavior. According to prior scholarship, actual strategists fall short of this ideal, and … attempts to understand the underlying cognitive processes of forming expectations about others are in their infancy. We propose …
Persistent link: https://www.econbiz.de/10013324375
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Runs, Panics and Bubbles : Diamond Dybvig and Morris Shin Reconsidered
Smith, Eric - 2012
The basic two-noncooperative-equilibrium-point model of Diamond and Dybvig is considered along with the work of Morris and Shin utilizing the possibility of outside noise to select a unique equilibrium point. Both of these approaches are essentially nondynamic. We add an explicit replicator...
Persistent link: https://www.econbiz.de/10013101529
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Narrative Economics
Shiller, Robert J. - 2017
This address considers the epidemiology of narratives relevant to economic fluctuations. The human brain has always been highly tuned towards narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing. Stories motivate and connect activities...
Persistent link: https://www.econbiz.de/10012965830
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Aggregate Implications of Lumpy Investment : New Evidence and a DSGE Model
Bachmann, Ruediger; Caballero, Ricardo J.; Engel, … - 2011
The sensitivity of U.S. aggregate investment to shocks is procyclical: the response upon impact increases by approximately 50% from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond...
Persistent link: https://www.econbiz.de/10014217331
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El Farol Revisited : A Note on Emergence, Game Theory and Society
Shubik, Martin - 2009
Persistent link: https://www.econbiz.de/10014202635
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Mechanism Design with Limited Information : The Case of Nonlinear Pricing
Bergemann, Dirk - 2010
We analyze the canonical nonlinear pricing model with limited information. A seller offers a menu with a finite number of choices to a continuum of buyers with a continuum of possible valuations. By revealing an underlying connection to quantization theory, we derive the optimal finite menu for...
Persistent link: https://www.econbiz.de/10013135503
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Interdependent Preferences and Strategic Distinguishability
Bergemann, Dirk - 2010
A universal type space of interdependent expected utility preference types is constructed from higher-order preference hierarchies describing (i) an agent's (unconditional) preferences over a lottery space; (ii) the agent's preference over Anscombe-Aumann acts conditional on the unconditional...
Persistent link: https://www.econbiz.de/10013137661
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Should Auctions Be Transparent?
Bergemann, Dirk - 2010
We investigate the role of market transparency in repeated first-price auctions. We consider a setting with private and independent values across bidders. The values are assumed to be perfectly persistent over time.We analyze the first-price auction under three distinct disclosure regimes...
Persistent link: https://www.econbiz.de/10013139373
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Career Concerns with Coarse Information
Bonatti, Alessandro - 2012
This paper develops a model of career concerns. The worker's skill is revealed through output, wage is based on expected output, and so on assessed ability. Specifically, effort increases the probability that a skilled worker achieves a one-time breakthrough. Effort levels at different times are...
Persistent link: https://www.econbiz.de/10013113684